Weil Gotshal Profits Drop 7% After Year Of 'Repositioning'

Law360, Los Angeles (March 5, 2014, 4:47 PM EST) -- Revenue and profits per partner at Weil Gotshal & Manges LLP fell 7 percent last year, the firm confirmed on Wednesday, following "a year of repositioning" and the most significant layoffs of any BigLaw firm since the financial crisis and the mass exodus of Weil’s Texas lawyers.

Revenue last year fell to $1.14 billion from $1.23 billion, after essentially flat gross revenues for the past four years, according to data first reported by The American Lawyer. Profits per equity partner also dropped to $2.07 million from...